Retail Inventory Method
The Evening Out Clothing Store values its inventory using the retail inventory method. The following data are available for the month of November 2008:
|
|
Cost |
Retail |
|
Inventory, November 1 |
$ 53,800 |
$ 80,000 |
|
Purchases |
154,304 |
220,000 |
|
Sales |
|
244,000 |
Compute the estimated inventory at November 30, 2008, assuming:
1. FIFO
2. LIFO
3. Average cost